Simplify Cyber Risk Assessments using Cyber Risk Quantification

October 26, 2022
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Beth Dannemiller
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Traditional cyber risk assessments require heavy investments of time and money. Alfahive’s RiskSquad Research team and RiskNest platform do all the heavy lifting so that you can complete an assessment 10X faster and with more accurate results. Our industry-specific approach to Cyber Risk Quantification (CRQ) saves you time and money on cyber risk assessments.

Simplify Cyber Risk Assessments using Cyber Risk Quantification

Most businesses are blind to the true cost of cyber risk. They throw money at protecting the crown jewels, without knowing if they’re really fixing the problem. Alfahive’s mission is to make it simple for executives to understand the operational and financial impact of cyber risk so they can make data-informed decisions that drive cyber resilience.

In Part 1 of our blog series, Why CISOs Need Cyber Risk Quantification we discussed the challenge of connecting the dots between threat risks and the cost of exposure to your business, and why quantifying risk in financial terms can help CEO’s, CISO’s and IT Risk Managers make better security program investment decisions that align to business priorities.

In Part 2, we’ll explain why business context is critical in the process of identifying, analyzing, and addressing your organizations IT security risks to prevent future cyberattacks and how Alfahive can help you reduce the time and money spent on cyber risk assessments with our industry-specific approach to Cyber Risk Quantification (CRQ).

Why Does Cybersecurity Risk Management Matter?

Examining risks and their potential impact enables organizations to create strategic goals and lessen the risk of cyberthreats. When an organization understand the full range of risks they face, they will be better positioned to implement a preventive strategy that can help to:

  • Mitigate cyberattacks and the damage associated with cyber risks
  • Reduce operational costs
  • Protect business assets and revenue
  • Improve and protect the organizations reputation

Why Business Context Is Critical to Risk Visibility

At Alfahive, we strongly believe that cybersecurity starts with a foundation of deep business and industry expertise. We align cyber risk management with our customers’ unique business operations, enabling them to understand, measure, communicate and, ultimately, make data-informed decisions that drive business resilience.  

Faster Time to Value 

Traditional cyber risk assessments require heavy investments of time and money. Alfahive’s RiskSquadTM Research team does all the heavy lifting so that you can complete an assessment 10X faster and with more accurate results. RiskNest has pre-built and customizable templates mapped across your business processes, security frameworks, and regulations making it easy to calculate the cost of risk across your various business functions, understand your current security posture, and manage an acceptable level of risk. Our automated approach reduces assessment fatigue and the expense of traditional approaches.

Bringing Business and Cybersecurity together to Assess Risk Exposure 

The RiskSquad developed a detailed business process map and domain model for numerous industries and continuously researches the most common cyber risks with business and industry context. This provides you with two advantages – 80% of the cyber risks are already curated and mapped to your business processes leading to a 10X faster time to value on your risk quantification journey, and secondly, our loss magnitude quantification algorithm is far more trustworthy to business leaders and board members because you can track the dollars to the business impact in an easy to explain manner.

Identify Risk Quickly

CISOs and Risk Managers can quickly onboard to the RiskNest platform by answering a handful of business-specific questions and then use our pre-researched use cases to quickly and accurately calculate which parts of the business have the highest risk, the potential cost of an event, and the likelihood of that event happening in the next 12 months. 

Industry Frameworks for Compliance

RiskSquad research helps organizations quickly operationalize CRQ using cyber risk scenarios mapped to industry frameworks such as MITRE ATT&CK, NIST CSF, ISO 27001 and Open FAIRTM.. RiskNest helps stakeholder understand the financial impact of cyber risk without requiring 6-18 months of data collection or expensive and time-consuming consulting services.

Continuous Risk Assessment and Planning

RiskNest’s visual dashboards provide an accurate picture of risk across different business functions with a list of recommended controls to improve your security posture. RiskNest enables CISOs to effectively communicate with business leaders and the board to operationalize daily risk decisions.
More specifically, it can help you:

  • Discover which parts of your business have the highest risk, and the likelihood of a cyberattack in the next 12 months
  • Prioritize cybersecurity spend – determine your current risks across each business channel
  • Drive urgency around risk mitigation – help stakeholders understand the financial impact or cyber risk for their area
  • Transfer Risk – decide where it makes sense to transfer risk to an insurance carrier
  • Assess the return on investment (ROI) for cybersecurity investments. 

We’re creating a consistent, repeatable, metrics-driven decision-making process for cyber risk management – unlike anything in the market.

Transforming How Businesses Analyze Risk and Build Cyber Resilience

In Part 3 of our blog series, we’ll focus on “How it Works” and learn why it’s important to take cyber risk quantification beyond just understanding the cost of an event, but learning how to take action and make investment decisions on the security controls that reduce risk the most.

To learn more, read the Datasheet 

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October 26, 2022
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Simplify Cyber Risk Assessments using Cyber Risk Quantification
Traditional cyber risk assessments require heavy investments of time and money.
October 26, 2022
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Simplify Cyber Risk Assessments using Cyber Risk Quantification
Traditional cyber risk assessments require heavy investments of time and money.
October 26, 2022
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This is some text inside of a div block.
Simplify Cyber Risk Assessments using Cyber Risk Quantification
Traditional cyber risk assessments require heavy investments of time and money.

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